“And of course, what is key is what countries, such as Nigeria are doing with those borrowed funds. Undertaking structural reforms to develop economy is key,”- Tobias Adrian, Financial Counselor and Director, Monetary and Capital Markets Department at the IMF. (October 17th, 2019)
The DMO has confirmed that the government will borrow USD2.7 billion from external sources to fund the 2019 budget. The future of the country should not be mortgaged further. This was how Nigeria slowly, but surely, fell into the foreign debt-trap with an overhang of USD30 billion in 2005. But the country exited it following a debt relief of USD18 billion from the Paris Club of creditors, which paved the way for it to pay USD12 billion in 2006, climaxing the debt forgiveness under Olusegun Obasanjo’s Presidency.’
Oluwole Olusanya is the Founder and Chief Executive Officer (CEO) of one of the fastest-growing lifestyle and entertainment website in the country. He is a banker, writer, blogger, public affairs analyst and a tax consultant. He anchors Trending Topics on SHEFFA where he shares his thoughts and opinions on trending issues.
He is currently studying for a Master’s Degree in Business Administration at the University of South Wales, Wales, United Kingdom. He has diplomas in Banking and Finance, Investigative Journalism, Creative Writing, and Linguistics from Lagos State Polytechnic, Isolo, Lagos, University of Strathclyde, Glasgow, Scotland and The Open University, Milton Keynes, United Kingdom.